Why did Shiba Inu (SHIB) paint green candles in seven consecutive days
Traders flocked to the memecoin after a tweet from Elon Musk. And they just can’t get enough.
Shiba Inu jumped 35% this morning as it seemingly falls back into favor with degen trader types. The memecoin—inspired by the popular and cutesy Shiba Inu meme—also saw some of its largest trading volumes yesterday, surpassing those of iconic memecoin Dogecoin.
SHIB tokens traded at $0.0002320 at press time, up over 35% from yesterday and nearly 218% since last week. It traded sideways from June to late September between the $0.00000506 to $0.00000908 level but broke upwards from that resistance level on October 4.
Crypto exchanges Binance and Coinbase logged the largest trading volumes for SHIB in the past day, with volumes of $4 billion and $1 billion respectively. As such, over $12 billion worth of Shiba Inu tokens exchanged hands in the past 24 hours alone.
Meanwhile, SHIB tokens have now logged returns of over 42,049,615.3% since they were first tracked on CoinGecko in November 2020—an amount enough to turn each $1,000 to a staggering $42 million.
Other memecoins enjoyed their own surges yesterday. Dogecoin rose 25%, Husky rose 100%, while SHIBAVAX rose 202%. However, some like Floki Inu did see declines: It dropped -2% at press time.